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L&T Technology Services (LTTS), an engineering services firm posted a net profit of ₹315 crore for the second quarter of FY24, a 5% growth over the corresponding quarter a year ago. It recorded revenue of ₹2,387 crore, up 5% Y-o-Y. During the quarter, LTTS won a seven deals worth more than $10 million across all…
Read More “L&T Tech to invest in software defined vehicles, AI; Q2 net rises 5%” »
The Finance Ministry on Tuesday asked general insurance firms to increase cashless facilities for health insurance users and standardise treatment costs in tandem with the Union Ministry of Health to expand medical care covers in the country. Devising a mechanism to cover Micro, Small and Medium Enterprises (MSMEs) also figured in parleys held by the…
Read More “Increase healthcare and disaster cover, Finance Ministry tells insurers” »
Market regulator Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) are investigating a dozen cases of alternate investment funds (AIFs) allegedly being used to circumvent regulations, including “evergreening” of stressed loans, according to three sources with direct knowledge of the matter. The investigations could lead to increased disclosures and…
On August 3, India imposed import restrictions on a host of IT hardware products such as laptops, personal computers (including tablet computers), micro computers, large or mainframe computers, and certain data processing machines with a view to boost domestic manufacturing and cut imports from countries like China. | Photo Credit: Elise Amendola The U.S., China,…
Bengaluru: The Reserve Bank of India (RBI) on Tuesday said that it has imposed a penalty of Rs 12 crore 19 lakh on ICICI Bank for violating rules related to the code of conduct for the bank’s directors and for fraud reporting. The RBI’s inspection reports showed ICICI Bank had sanctioned or committed loans to…
Read More “RBI Fines ICICI Bank, Kotak Mahindra Bank For Failing To Report Fraud” »
In both cases, the RBI said the penalties are based on the deficiencies in regulatory compliance. File. | Photo Credit: EMMANUAL YOGINI The Reserve Bank on October 17 said it has imposed a penalty or ₹12.19 crore on ICICI Bank and ₹3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms. The penalty…
Read More “RBI imposes penalty on ICICI Bank, Kotak Mahindra Bank for violation of norms” »
Investors and brokers react as they watch the stock prices on a digital screen. File | Photo Credit: PTI Equity benchmark indices bounced back on Tuesday (October 17) after three days of fall amid recovery in global markets and buying in HDFC Bank post its quarterly earnings. The 30-share BSE Sensex climbed 261.16 points or…
Read More “Markets rebound after three days of fall on optimism in global equities” »
File. | Photo Credit: Reuters Rupee consolidated in a narrow range and settled for the day higher by 3 paise at 83.24 (provisional) against the U.S. dollar on October 17 amid a positive trend in domestic equities. Forex traders said the rupee is trading with a slight positive bias on positive domestic markets. However, a…
Read More “Rupee rises 3 paise to close at 83.24 against U.S. dollar” »
Drug-maker Glenmark Pharmaceuticals’ Apremilast Tablets, 10 mg, 20 mg and 30 mg, a generic version of Amgen’s Otezla Tablets, 10 mg, 20 mg and 30 mg, has received final approval from the United States Food and Drug Administration (U.S. FDA). Otezla Tablets brand and therapeutic equivalents achieved annual sales of around $3.7 billion, Glenmark said…
Read More “Glenmark Pharma’s generic drug to treat psoriatic arthritis gets U.S. FDA approval ” »
Non-bank lender Bajaj Finance is acquiring 26% equity stake in Hyderabad-based fintech solutions provider Pennant Technologies for ₹267.50 crore. It is aimed at strengthening the company’s technology roadmap, Bajaj Finance said in a filing on October 17 ahead of its Board meeting for the September quarter results. A binding term sheet was signed for the…
Read More “Bajaj Finance to acquire 26% stake in fintech Pennant Technologies for ₹267.50 crore” »